Just do it.

I've recently got (finally!) the book by Alex Levitas about improving profits. The most valuable advice (apart from lots of business situations the author described) is the thing of acting after thinking out the solution.

With the salon of my friend we decided to male stimulation action: give a free cosmetic test to everyone who has bought the 30-60 minute atrificial tan station pass. This is a trick - everyone who uses solarium needs a special skin treatment to hydratate it. If we advise directly, people might be afraid of being pushed to pay for cosmetic service. But if we give free test and explain, that additional treatment might be needed, it;s a person's choice if he (or she) will take it.

Sounds smart and easy. But we decided the trick a couple of weeks ago - and nothing has been done since that time. Well, it's really a time for me to push the program. 2 steps from me - calculate profits (since march 2007) and post an announcement.

Ready, steady.... no-no-no, not later... now! go!

It will never work

"It'll never work" from Daseg.

don't loose profits

When the discussion comes to entrepreneurial profits, the business owners are often puzzled how they can increase net income. The real question first is how to use the whole potential of an existing business.

My favorite small business - beauty salon has recently bought artifitial tan station. They need to pay off the credit. But since it is working no announcement came. Of course, best clients know about this service. But not all of them. I asked them to put info note at the wall close to reception area. Three times. Today I will check if they managed that.

Inform! How your clients can buy if they don't know what to?

entrepeneurial spirit

Today I had a talk with my friend. She is around 50 and she is an owner of small beauty salon close to my appartment in Ryazan. This lady is a very active person, she's about to open her own kid's store here, in Ryazan (they're remaking an appartment at ground floor to a shop now) and also is an active member of one of the churches (she coordinates also a rehab center project for ex-prisoners).

Yep, she has a typical entrepreneurial soul with a lot of personal time devoted to her business activities. She understands the necessity of establishing the contact with her clients, she has a high percentage of clients who visited her salon more than 1 time. She has a bit higher prices than most of the hairdressers close by, but still, she has her clients. She loves her staff, her girls treat her as a close elder friend. She has a great inner ennergy sourse, that helps her to make actions even if she doesn't know how to act.

Well, she does a lot of things successful entrepreneurs do. But she doesn't know her profit. Yes, she has all the figures for taxation purporses, but she never counts the difference between revenues and costs. She operates on a basis of cashflow - if she has enough cash to pay her rent and public utilities, she's happy. Sometimes she knows that she hasn't earn enough money to cover them in curret period, but she has some money left from previous one.

I asked her to provide me with all data about receips and expenditures to understand her profit picture. I hope understanding inflows and otflows of cash will help her to understand her situation better and improve profit. I also asked her to make minutes about all the small expenses left unaccounted - at least this will give me a full picture to start my recommendations for improvements.

I will keep an eye on this company.

story of success

Today is one-year anniversary of Russian regional (meaning it is not from Moscow) company "Sila uma" (Force of mind). Their weblog must read for russian speaking entrepreneurs as a success story and a resultof thoughtful markting.

little triumph

Our Venture Lab project has just qualified for semi-finals in IOP day (investment oriented project). In a week we're going to present the business to comission.

I'm really happy cause the work done is great.

Dream Yacht

I worked a bit and added some explanation about one of my classes - building businedss workshop with Martin Varsavsky. Please, consider, that business idea I develop is no more than class exercise and I put as much efforts for it as necessary. In real life the overall aproach is also implemented, but the depth of details and work are at another level.

All the updates are in Building Eureka blog.

to sell or not to sell

Talking to potential buyers about your company is the only way to know how much is worth. There´s nothing wrong with that as we all need to make informed decisions.

Martin Varsavsky quotation

Small business success.

Three things you need:
1) the ability to abandon a plan when it doesn't work,
2) the confidence to do the right thing even when it costs you money in the short run, and
3) enough belief in other people that you don't try to do everything yourself.

seth godin quotation

x-posted to building eureka blog

Two essays about startups.

How to make wealth
Why not to start a startup

Both by Paul Graham.

Building business workshop class

A piece of advice to entrepreneurs.

Know the price of everything. Every moment of entrepreneur's life is making decisions of price and quality. Know the range of prices. Look into maarket capitalization of any company. Know the GDP of the countries you're connected with.

Guessing is the half of life of entrepreneur. If you obsessed with accurate numbers, you'd better be rocket engineer.

Spain is the most successful oof least ambitious countries in the world.

In business it's all about balancing content and emotions.

Building business workshop

I have just got the assignment for BBW of Martin Varsavsky to develop a business project. Since group work is not allowed, we're not presenting the one we have for venture lab.

I have limited time to find idea, discover business opportunity and develop a business plan (financials, marketing).

I openned a special weblog for this purpose to describe the process.

Welcome.
http://buildingeureka.blogspot.com/

just found at my friend's weblog

Source: www.oper.ru

The poster is one that every entrepreneur must have before thinking out his product. While listening in-class presentations I've caught slight feeling of understanding why most of the businesses are dead within 1st year. Every entrepreneur is sure that his\her project is unique and is by default successful.